2025年四季度中国期货市场投资报告：美联储降息周期重启，全球经济及大类资产展望

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The negative impact of US tariff policies is gradually emerging, international trade activities are slowing down, and the global economy will still face downward pressure. The Fed's monetary policy has returned to the interest rate cut cycle, but the reduction of the balance sheet continues, which may lead to a shortage of US dollar liquidity and financial de - leveraging. The stock markets of major developed countries such as Europe and the United States are at historical highs, and asset prices are at risk of being re - evaluated. - China's economic recovery foundation is not solid, with fixed - asset investment growth continuing to decline and consumption growth slowing marginally. Only industrial production remains at a high level. Macroeconomic policies need to strengthen counter - cyclical adjustment, and the proactive fiscal policy is being accelerated, while the monetary policy will remain moderately loose. - In the fourth quarter, the valuation of stock indices will be supported by risk appetite at the denominator end, but stock indices should still be treated with a wide - range oscillation mindset before corporate profits improve significantly. The restart of the Fed's interest rate cut cycle will narrow the Sino - US interest rate spread, giving more room for China's monetary policy, and the yield of 10 - year treasury bonds is expected to decline. The uncertainty of US tariff policies is gradually fading, and the international geopolitical situation is expected to ease. Gold is at risk of a deep adjustment [2]. Summary According to Relevant Catalogs Overseas Macroeconomic Outlook - Market Performance in Q3 2025: Global stock markets rose in resonance, with the Dow Jones, S&P 500, and Nasdaq reaching new highs. Commodities such as coal, steel, and non - ferrous metals rebounded. Gold broke through upwards after 4 months of consolidation, with London spot gold approaching $3,800 per ounce, up more than 40% for the year [4]. - Outlook for Q4: The negative impact of US tariff policies will further appear, the Fed is expected to cut interest rates twice in Q4, and the global economy will face downward pressure. If the US job market weakens further, the Fed may shift from "preventive" to "relief" interest rate cuts. Global stock markets may face asset value re - evaluation risks [5]. - US Situation: Employment pressure is increasing, and the Fed's monetary policy has returned to the interest rate cut cycle. In August, the ISM manufacturing PMI was 48.7, the consumer confidence index dropped to 58.2, new non - farm employment was 22,000, and the unemployment rate rose to 4.3%. The Fed cut the federal funds rate by 25 basis points in September, and the dot - plot shows two more cuts this year [7][9]. - European Situation: The European Central Bank suspended interest rate cuts in September, and the benchmark interest rate is approaching the neutral level. The eurozone economy has warmed up, with the manufacturing PMI returning to the expansion range, low unemployment, and stable inflation [11][14]. - Japanese Situation: The Japanese economy maintains a moderate recovery, and the central bank maintains a slow interest rate hike rhythm. In August, the manufacturing PMI rose to 49.9, the consumer confidence index reached a new high, the unemployment rate dropped to 2.3%, and inflation remained above 2% [16][19]. Domestic Economic Situation Analysis - Overall Situation in Q3 2025: Affected by US tariff policies, China's economic downward pressure has emerged again, with fixed - asset investment declining, consumption growth slowing, and only industrial production remaining high. The foundation of economic recovery is not solid, and demand is insufficient [21]. - Negative Impact of US Tariff Policies: In August, the official manufacturing PMI was 49.4, still in the contraction range. From January to August, fixed - asset investment growth slowed, industrial production slowed slightly but remained high, consumption growth slowed, CPI turned negative, PPI decline narrowed, and foreign trade growth slowed [23][25]. - Fiscal and Monetary Policies: The proactive fiscal policy is being accelerated, with super - long - term special treasury bonds and local special bonds mostly issued. The monetary policy will remain loose, and there is more room for operation with the Fed's interest rate cuts. Deposit rates are expected to be cut, and there may be a 0.5 - percentage - point reserve requirement ratio cut in Q4 [31][33]. Asset Allocation - Stock Indices: Corporate profits are still declining, and the inventory cycle is in the active de - stocking stage. There is still room for the risk - free rate to decline, and there are many positive factors affecting risk appetite. In Q4, stock indices are likely to oscillate widely, and the key is whether corporate profits can improve significantly [38][39]. - Bonds: The negative impact of US tariff policies is emerging, and the Fed is expected to cut interest rates twice. The Sino - US interest rate spread will narrow, and China's monetary policy has more room. The yield of 10 - year treasury bonds may decline [40]. - Gold: In the medium - to - long - term, gold prices depend on the US dollar and real interest rates. In Q4, as trade policy uncertainty decreases and geopolitical tensions ease, gold may face a deep adjustment due to factors such as the strengthening of the US dollar and high real interest rates [41][42].